"The European Stability Mechanism (ESM) is a permanent rescue funding programme to succeed the temporary European Financial Stability Facility and European Financial Stabilisation Mechanism in the 17-member Eurozone. The ESM is due to be launched as soon as Member States representing 90% of the capital commitments have ratified it, which is expected in July 2012.[1]"
Here is the link to that article:
http://en.wikipedia.org/wiki/European_Stability_Mechanism
Below is a video on this subject, which a trading acquaintance recently brought to the attention of fellow traders:
From my limited exposure to this proposal, it appears to me that they're going to create a bottomless money-sucking vacuum with no accountability from a select few in charge...sounds like a hard-line dictatorship in the making to me...